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MONTHLY INCOME (₹)

₹

EMPLOYMENT TYPE

Salaried

Self-Employed

CREDIT SCORE (CIBIL)

WORK EXPERIENCE (YEARS)

EXISTING MONTHLY EMIs (₹)

₹

AGE (YEARS)

MAX ELIGIBLE LOAN

₹0

ELIGIBILITY SCORE

MAX EMI CAPACITY

₹0

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Eligibility Breakdown

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How Loan Eligibility is Calculated

FOIR Formula: Maximum EMI = Monthly Income × FOIR Ratio

FOIR (Fixed Obligation to Income Ratio) = 40-50% of monthly income
Banks typically allow up to 50% of your monthly income towards EMI payments including existing loans.

Eligible Loan Amount = EMI × ((1+r)ⁿ - 1) / (r × (1+r)ⁿ)

Where:
EMI = Available EMI Capacity (Max EMI - Existing EMIs)
r = Monthly Interest Rate (10.5% ÷ 12 ÷ 100)
n = Loan Tenure in Months (standard 5 years = 60 months)

Eligibility Score Factors:

• Income Level: Higher income = Better score
• Credit Score: 750+ adds up to 25% to score
• Employment Type: Salaried professionals get higher weightage
• Work Experience: Stable employment history improves score
• Existing Obligations: Lower EMIs = Better eligibility

Tip: A credit score above 750, stable income, and low existing EMIs significantly improve your loan eligibility. You can also increase your eligibility by adding a co-applicant or opting for a longer tenure.

Example: Monthly Income: ₹50,000 | Existing EMI: ₹5,000 | Max EMI (45%): ₹22,500
Available EMI: ₹17,500 | At 10.5% for 5 years, Eligible Loan: ~₹8.2 Lakhs

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Eligibility Breakdown

How Loan Eligibility is Calculated

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Eligibility Breakdown

How Loan Eligibility is Calculated